Indexation

Calculation of the Icelandic Consumer Price Index The CPI is calculated every month by Statistics Iceland. The CPI is calculated monthly based on prices collected for at least one week time in the middle of a month. The CPI is applied for many purposes. It is therefore vitally important that its foundation should be as strong as possible. The CPI is based on a collection of data on all kinds of household expenditure, covering not only everyday purchases of food, toilet articles, clothing, etc., but also the cost of electricity, space heating, telephones, running private cars, transport and recreation. The base thus reflects more or less all kinds of expenditure relating to a household and the everyday life of people in general.

The CPI is used for indexation purposes and applied for indexation in the second month following the calculation. For example the CPI calculated in May is used for indexation in July.

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The Consumer Price Index (CPI) based on prices in March 2018 is 452.0 points (May 1988=100), 0.56% higher than in the previous month. The CPI less housing cost is 388.1 points, 0.36% higher than in February 2018.Winter sales have come to an end causing an increase in prices of clothing and footwear by 4.4% (effect on the index 0.15%). Cost of owner occupied housing (imputed rent) rose by 1.4% (0.29%).The CPI is 2.8% higher in March 2018 than in March 2017 while the CPI less housing cost is 0.3% lower than one year ago.The CPI compiled in the middle of March 2018, 452.0 points, is applicable for indexation purposes in May 2018. The old credit terms index for May 2018 is 8,925 points.

The Consumer Price Index (CPI) based on prices in February 2018 is 449.5 points (May 1988=100), 0.60% higher than in the previous month. The CPI less housing cost is 386.7 points, 0.60% higher than in January 2018.

Winter sales have partly come to a close causing an increase in prices of clothing and footwear by 4.9% (effect on the index 0.16).Cost of owner occupied housing (imputed rent) rose by 0.7%(0.15%).

The CPI is 2.3% higher in February 2018 than in February 2017 while the CPI less housing cost is 0.9% lower than one year ago.

The CPI compiled in the middle of February 2018, 449.5 points, is applicable for indexation purposes in April 2018. The old credit terms index for April 2018 is 8,875 points.

The Consumer Price Index (CPI) based on prices in January 2018 is 446.8 points (May 1988=100), 0.09% lower than in the previous month. The CPI less housing cost is 384.4 points, 0.57% lower than in December 2017.The CPI is 2.4% higher in January 2018 than in January 2017 while the CPI less housing cost is 0.9% lower than one year ago. The CPI compiled in the middle of January 2018, 446.8 points, is applicable for indexation purposes in March 2018. The old credit terms index for March 2018 is 8,822 points.

The Consumer Price Index (CPI) based on prices in December 2017 is 447.2 points (May 1988=100), 0.27% higher than in the previous month. The CPI less housing cost is 386.6 points, 0.62% higher than in November 2017.

Cost of owner occupied housing (imputed rent) declined by 1.1% (effect on the index -0.22%). Cost of international airfares increased by 24.5% (0.22%).

The CPI is 1.9% higher in December 2017 than in December 2016 while the CPI less housing cost is 1.6% lower than one year ago.

The CPI compiled in the middle of December 2017, 447.2 points, is applicable for indexation purposes in February 2018. The old credit terms index for February 2018 is 8,830 points.

The Consumer Price Index (CPI) based on prices in November 2017 is 446.0 points (May 1988=100), 0.16% lower than in the previous month. The CPI less housing cost is 384.2 points, 0.49% lower than in October 2017.

The CPI is 1.7% higher in November 2017 than in November 2016 while the CPI less housing cost is 2.3% lower than one year ago.

The CPI compiled in the middle of November 2017, 446.0 points, is applicable for indexation purposes in January 2018. The old credit terms index for January 2018 is 8,806 points.